New York Daily Sun - The Trusted New York Daily Broadsheet » Business New York’s Daily Newspaper Reporting News, Sport, Politics, Finance, Fashion, Features and Scandal. Thu, 16 Oct 2014 08:39:38 +0000 en-US hourly 1 Japan Falls Lead Asian Share Dive Thu, 16 Oct 2014 08:39:38 +0000 admin Asian shares opened lower on Thursday after Wall Street tumbled on US economic data, fuelling growth concerns.

Data from the US showed retail sales and producer prices both fell in September, dimming expectations of a interest rate hike by the central bank.

The S&P 500 fell as much as 3%, briefly turning negative for the year before closing down 0.8%.

Japan’s shares fell more than 2% to a four-and-a-half-month low.

In early trading the Nikkei 225 was at 14,751.77. The dollar was at 105.92 yen, flat from New York trade.

Among the losers were shares of Toyota, down over 2% after the automaker issued a recall of 1.75 million vehicles on Wednesday.

Hong Kong shares opened down almost 1% as the Hang Seng Index fell 226.55 points to 22,913.50.

On the mainland, the Shanghai Composite fell 0.5% to 2,451.65 points after data showed that the rate of inflation in September fell, adding to evidence of a slowing economy.

In Australia, the benchmark S&P/ASX 200 was lower 1% at 5,194.80 points.

Shares of Woodside Petroleum, Australia’s largest independent oil and gas producer, were lower 0.1% despite its third quarter production results beating forecasts.

In South Korea, shares followed the global downtrend.

The benchmark Kospi was down 0.7% after the Bank of Korea cut its interest rate for the second time in three months on Wednesday, and also downgraded its growth forecasts for the economy for this year.

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SEO Terrorism in the UK Thu, 18 Sep 2014 11:01:19 +0000 admin Type the following individual search terms into Google: Nadine Dorries, @nadinedorriesmp, Dominic Wightman, Dennis Rice. You’ll notice certain websites and blogs crop up regularly as search results; even higher than results of some national newspapers and broadcasting outlets. The results have 3 things in common – they are created by trolls, portray a very negative message & they have been heavily search engine optimized, so negatives found always trump positives buried later on in search results.

There are many other names we could add here who are also victims of the same cluster of search source results.

Take the one example of @nadinedorriesmp. @nadinedorriesmp is the Twitter name of the British Member of Parliament for Mid Bedfordshire, Nadine Dorries. The first two results that appear on Google are Twitter accounts in her name. But they are nothing to do with her. One is entitled “A massive T**T”. Both accounts are what are known as sock-puppet accounts and were created purposefully by trolls and operated regularly by these trolls to embarrass and torment Nadine Dorries.

Search Engine Optimization is the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine. In short, it’s manipulating a site so that search engine crawlers push it up rankings. This is achieved through various means – one of which is adding links from other sites, particularly powerful sites, known as link-building, to specific keywords. In this case the SEO has added links to keywords which are the actual names of his victims.

The Search Engine Optimizer (SEO) behind the current high presence on search engines of these negative stories and fake social media accounts is notorious. We shall not name him as the UK authorities have advised against naming him whilst he is the subject of ongoing investigations and legal actions.

Let’s just say he has become even more tarnished this week after one of his victims – Nadine Dorries MP – revealed in the press that she has been the victim of this SEO/Stalker for several years and he has caused her life to be “a living hell”. The courageous actions of Nadine Dorries in exposing this man have led to dozens more of the SEO’s victims coming forward. To read up more about what he has done to Nadine Dorries, see here & here & here & here & here.

The SEO in question has a blog he set up way back in 2001 (which he has cultivated to make it powerful on search engines) which he can use as his main source for power links to boost the position on search engines of all the negative posts and stories. He then spreads those links – and borrows links from other websites – to the negative sites of his trolling crew so their negative stories also feature high on searches against the names of his victims. Soon, a victim’s online reputation is smothered by his bile.

The SEO in question is an arch manipulator – someone who is clearly obsessed and seriously disturbed – who manipulates his crew to seek to “destroy” the reputations of others. The most cunning of his many manipulations is the manipulation of search engines to achieve his goals.

How does his behaviour affect the lives of the victims he optimizes slander on? In short, the SEO has almost achieved his aim of destroying the reputations he sought to annihilate by SEO. How do they feel about this? What can they do to fight back?

We spoke to one of his victims, Dominic Wightman (pictured), who is a businessman (and a shareholder in Allied Newspapers) living in the UK. He claims that the SEO and his crew of trolls have cost him a fortune in terms of cash, wasted time and personal stress. His story is shocking and makes one wonder about why legislation has not caught up with these SEO terrorists/trolls:

“I first came across this SEO in 2008 – he focused on me because of my links to the Conservative Party –  and he launched an attack on me in his blog in the same year. I happen to be the only ‘Dominic Wightman’ on the planet so it was pretty easy for the SEO to wreck my online reputation. Another attacking blog piece followed then another. Soon the first couple of pages of my Google and other search engine results were replete with his slander; some of which he passed to his associated cabal of trolls to post online. The most vile filth he posted about me he used proxies for; meaning he would be unlikely to ever get traced.

The immediate effect of his posts was to anger me. I thought what right does this oik have to dare write this filth about me? I had to explain to colleagues – and worst of all, to members of my own family – that the slander posted about me online was not true. I had to go to the police who were sympathetic and made me keep a log of all the slander but they were powerless to intervene as the slander that was being posted was cleverly written so as not to break existing laws. I was lucky in that my closest colleagues and my family knew of this man – he was well known locally as a stalker and a nutter and many good people had complained about him. The police advised me to attack the man and his associates using a civil case but at the time their assets weren’t worth much more than a Mars Bar.

There were two years that passed of regular slander posting by these trolls. I tried rebuttal – which certainly annoyed the SEO and his troll friends – but it just meant more slander was produced. I found if I was silent he became paranoid and posted more filth. If I posted rebuttals he’d post more filth also.

Soon the first 5 pages of a name search of me were full of his lies. I tried setting up Linked In and other accounts and they did rank well for a week or two but then the negative stuff seemed to jump above it every time I spent some time trying to outdo the negative stuff. So I called Google and Bing and they just came back with the freedom of speech line – I love freedom of speech and I love Google & Bing, so I decided to grin and bear this. Others before me paid a far higher price for freedom of speech, I thought. I guess that’s the Catholic in me – we’re all capable of being martyrs.

Then things got far more serious.

In 2011 I had a business deal collapse because one of my clients did a search of my name on the search engines at a crucial time in the deal-making process. The deal was worth a considerable amount of money. I called to explain about my stalker and the things written about me were his vile concoctions but by that time the client had found another partner. In the same week a business competitor used the negative Google results to attack me and my business. Then, worse than that – I have a dear and brilliant friend who is mentally ill after a breakdown at Oxford who depends on his frail seventy year old mum who is his carer. The SEO and a troll associated with him started peppering the friend’s mother with slanderous emails about me. They then emailed fellow company directors with similar slander. It was like a bombshell a day from them. They emailed a man in his 80’s who they knew had angina and posted a negative piece about me with him included. I was taking calls from targeted people all the time and I was getting sick. One day I had had enough. The police were doing nothing. My friend’s mother called me in tears to say my mentally ill friend was scared stiff about these stalkers. I felt powerless.

That was when – under all that pressure – I made a mistake. I sent an article to the Westminster Journal going public about my tormentors. In the article I mentioned jokingly something to the effect of, “If I saw these (trolls) loitering on my driveway I’d run them down in my Tory Blue Range Rover”. The line was metaphorical – it could certainly have been better chosen.

I sent off the first copy to the Westminster journal uploader based in the Far East. I then went about editing the article and actually added to that line the words “albeit a fantastical dream” as a kind of disclaimer. The uploader posted the first version and only changed it to the second version the next day when he woke up. Because of time difference the article was up in its first version without the edits for some hours. I always knew that in PC Britain it was important to watch one’s words. Then what happened was bizarre……

Two weeks later I had a call from Surrey Police. I was asked to go down to the police station for an interview, which I did. The policeman involved was a decent bloke and very affable – a bit embarrassed I felt – and sat me down to talk with me. I didn’t think I needed a lawyer. I was always taught to be open and honest with the police, which I was. I admitted writing the article and I mentioned the disclaiming edit. I was slapped on the wrist for being a dumbass, told to choose my words more carefully in future and I was offered the opportunity to take a caution for “malicious communications”, which I quickly refused (in the UK accepting a caution gives you a criminal record). I told the policeman I’d prefer to risk a summons than get the caution and he totally understood. The policeman and I shook hands. Both of us presumed that would be that. I told him I’d be cleverer in future and somehow not react to these sick, twisted fools and bade him good day.

The next week a summons arrived from the local magistrate’s court! I had been summoned to defend the “malicious communication”. I was flabbergasted that the CPS had so much time on their hands to bother about little old me.

At first I thought I’d been “done over” by the friendly policeman but what I now know had happened is this – the SEO had written out a vile statement saying he feared for his life and thought I was genuine in running him down in my Tory Blue Range Rover (since he’s a stalker, he knew full well I drove a red Jag). He had the gall to claim that he was now the victim! Some person at the CPS had swallowed the “victim” statement and decided to take the matter to court.

So, I instructed a lawyer, lost even more money and time – the stress was huge on me and my family – over six months preparing my defence. I’d never been to court – never even had a parking ticket let alone a speeding ticket – and I was now having to defend my probity because of some stalker SEO who had none. Let’s just say I saw all this as a test to strengthen me – the only positive of being the victim of stalkers like the SEO is that you definitely have to grow balls of steel.

Finally in month 7 of this pallaver - after my lawyer had written to the CPS to clarify the law to them – someone more awake at the CPS saw sense and dropped the case.

In the meantime I started to think smart. I realized that the SEO and his troll friends were seriously affecting me, my health, my work colleagues and – worse – my family. I sought the advice of lawyers, experts and other search engine optimizers. I even started a collaboration with a young search engine optimizer and supplied him a load of clients just so he would focus on improving search results for my name. I’m not technical but I learnt how SEO works.

For a year – between 2012 and 2013 – the stalking SEO’s negative results were below normal articles / posts about me. Optimizing positive results with the young optimizer to beat his highly-linked negative results cost me thousands of pounds. In late 2013 I had collected enough evidence about the links on the negative posts, as compared to links on the positive posts, to show that the SEO had been optimizing his negative results of me. In other words this man had been using SEO to stalk me.

I began to see my stalker as an SEO terrorist. That is what he is. I saw his work in link detail and saw him for what he really is. He’s a middle-aged saddo who sits in some dusty old room and adds links to negative articles about me and others then posts more filth about us online …. offline his life is a mess …. online he thinks he’s some kind of evil wizard. If the reality was not painful to me, I’d piss myself laughing at what a weakling and a coward he is!

I stopped paying for my SEO when I had these results – the people I work with all know me for who I am and not what he portrays me as – and I have been quietly making huge progress in my life away from the SEO and his troll friends. I am at the point now where my lawyer in the US has got a strong case together which I am confident will force the SEO and his friends to stop.

I can only congratulate Nadine Dorries with her efforts in trying to stop this man. As an MP she is better placed than I am to have stalking laws changed. I admire anyone who stands up to this man – the SEO – as I have done since 2007 (at one time in a less than intelligent way).

He has been like a dark cloud in my life since I had the misfortune to stumble across him. I have often asked the police to deal with him and his friends and they failed me – this is not their fault; they simply do not have the apparatus/legislation right now with which to nail these evil pests; nor always trace their deviousness.

I especially admire how the likes of Paladin are forcing legislative changes to rid the UK and the web in general of these kind of sick, twisted individuals. The SEO in question I firmly believe thinks he is doing good. He calls himself a “caped crusader” on the one hand then Tweets about shooting Nadine through the head on the other. He is an arch manipulator and a particularly unpleasant guy. He really needs some professional help.

I pity his new girlfriend – who seems also obsessed with Nadine Dorries – who I think is a decent egg but lonely and malleable. She has now got roped into doing his evil for him. I really do not feel sorry for his Troll friend who publishes as much crap as he does about me – he knows exactly what he is doing, has a good grip on optimization himself and I would like to see both he and the SEO have some time to think about their evil in jail here or even abroad. The police in the UK should be allowed to separate these people from the Internet and restrict proxies.”

From what Mr Wightman says it would seem the pendulum is swinging against these online stalkers. The victims have a fight on their hands but are showing the kind of strength needed to win.

If you feel you are suffering at the hands of a stalker then you can contact the National Stalking Helpline in the UK at or if you feel you are a cyberstalking victim of the same perpetrators as Mr Wightman or Nadine Dorries then contact Nadine Dorries at the Houses of Parliament Westminster or the New York Daily Sun If in the US, The Network of Victim Assistance is available on 1-800-675-6900

Nowadays Google and Bing are the go-to places to check on people. What is the difference between optimizing slander on search engines about individuals and spraying negative graffiti all over their house? Law needs to change so these vile people are classed as criminals and pay the price for their wrongdoing in the real world – offline.

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Creditnet Bank Internationale: Fake Bank Tue, 16 Sep 2014 10:27:38 +0000 admin A considerable number of brokers have been attempting to send a KTT transfer from a”bank” called Creditnet Bank Internationale. Unfortunately, the bank is not capable because it is not a bank. It’s another one of Robert Bruce Gray’s fake banks.

Please report any approaches to your local police.

It is worth reading here:

Winemaker Andrew Garrett launched ill-fated takeover bids for four of Australia’s largest companies using documents Westpac believed to be worthless, court documents show.
The revelations are made in a judgment on just one of several actions in various courts launched by Garrett, in which judges have spoken of a “mountain” of documents being lodged with the court and “incoherent” statements of claim. One Federal Court judgment against Garrett details his attempts to acquire Qantas, BHP Billiton, Suncorp Metway and Foster’s Group.
The judgment handed down last month dismissed his action against Westpac, which refused to honour two “sight drafts” from purported Swiss bank Creditnet Bank Internationale, for $US350 million and $US11 billion. A previous Supreme Court judgment found that Bills of Exchange from Creditnet were not legal tender. It is unclear whether the bills and the sight drafts are one and the same.
In Westpac correspondence to Garrett, quoted in the judgment, the bank says the drafts were “unusual”.
In another Federal Court judgment against Garrett, also handed down recently, his statement of claim was labelled “an embarrassing document replete with grave assertions against persons and entities”. In that case, which was dismissed, he was attempting to, among other actions, sue former company Foster’s Wine Estates.
Garrett’s legal woes began about the time of the collapse of his Braidwood group of companies in July, 2003.
The National Australia Bank, which repossessed his house, is attempting to have him declared a vexatious litigant, which would curtail his ability to lodge actions, at least in the Supreme Court.

And here:

And here:

Brokers, DO NOT waste your time guys & gals.


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Great Brit: Sir Douglas Morpeth Fri, 05 Sep 2014 09:06:03 +0000 admin Sir Douglas Morpeth, born 6th June 1924, who died last week, was best known as a British accountant. However, he was a distinguished soldier, innovator and highly respected British businessman.

Born in Perth, Scotland, he was educated at George Watson’s College, Edinburgh. He served in the Royal Artillery in India, Burma and Malaya, and was demobilised in 1947 with the rank of Captain. He attended Edinburgh University from 1947 to 1949, obtaining a Business Study degree. He joined the Honourable Artillery Company TA, the oldest regiment in Britain, in 1951 and commanded the 1st Regt HAC, Royal Horse Artillery from 1964–66 and was Master Gunner within the Tower of London 1966-69. He was awarded the TD in 1959.

Morpeth qualified as an English Chartered Accountant and joined George A. Touche & Co (now Deloitte). He was made a Partner in 1958 at just 34 and was Senior Partner from 1977–1985

He was a member of the Council of the Institute of Chartered Accountants in England and Wales from 1964-1984. Soon after joining the Council, he was appointed Chairman of the Institute’s Parliamentary and Law Committee which dealt with Company Law and Taxation. He started a campaign to simplify the tax system which had become complicated with several new taxes enacted by the then Labour Chancellor of the Exchequer. This campaign was very successful and the Chancellor set up a Tax Reform Committee to which Douglas was appointed. On one of his suggestions the law was changed to allow property left to a widow in her husband’s will to be free of inheritance tax.

He was one of the originators of the Accounting Standards Committee and at its inception was appointed Vice Chairman. In 1970 he was appointed Vice President, Deputy President in 1971 and President in 1972.

He was Chairman of the Institute’s Overseas Relations Committee for several years and which lead to his being a member of the International Accountants Study Group and then its Chairman.

In 1972, as President of the Institute, he was instrumental in the founding of the International Accounting Standards Committee in London in 1973.

At the end of his Presidency he was asked to join the CBI and chair the Tax Committee, but had to resign after three years to become Chairman of the Inflation Accounting Steering Committee. This was required to produce a new accounting standard to set out how companies should prepare their accounts taking into account the level of inflation and was adopted as SAP16 after a great deal of controversy and over 4 years work for the whole committee 1976 -1980.

In 1981, at the age of 57, he was knighted for his services to the Accounting Profession.

While President he was asked to start an Accountant’s Livery Company. He got the Council of the Institute to authorise it and, with the help and authority of the City, the Worshipful Company of Chartered Accountants in England and Wales was created with full Livery status in 1976. He was Senior Warden in 1976, Master in 1977-78 and is now Senior Past Master.

On retiring from Touche Ross (now Deloittes) he was the first Chairman of the Trustees of the BT Pension Fund for nine years, a director of the Allied Irish Bank, Chairman of Clerical Medical and General Assurance Group and director of several other companies before final retirement at the age of 75.

He was the honorary Treasurer of the Royal College of Music from 1981–1996 and awarded a Fellowship of the Royal College (FRCM).

Morpeth retired to Shamley Green in Surrey with his wife Lady Anne and the pair were well-known and well-respected locally into old age. A very impressive man, who shall be much missed.


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UK Leads G7 Growth Mon, 21 Jul 2014 09:45:00 +0000 admin The UK economy will grow faster in 2014 than any other G7 economy, while low wage rises will ensure interest rates do not rise until next year, an influential report has forecast.

UK GDP growth will hit 3.1% this year, spurred by strong capital investment by businesses, the EY Item Club said.

Meanwhile rates will not rise until the first quarter of 2015, it predicted.

“After several false starts, this time [the recovery] could be different,” said EY’s chief economist Mark Gregory.

The Item Club raised its forecast for growth this year to 3.1% from 2.9% previously. This, it said, was due to an expected 12.5% jump in business investment.

This compares with 2% GDP growth in Canada and 1.8% growth in Germany, the body forecast.

Official figures show that UK GDP rose by 0.8% in the first three months of the year, the fifth consecutive quarter of positive growth. This represents the longest positive run since the financial crisis.

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China Growth Up Wed, 16 Jul 2014 08:30:27 +0000 admin China’s economy picked up speed in the April-to-June quarter, a sign that the government’s stimulus moves have started to have an impact.

The world’s second-largest economy expanded 7.5%, from a year ago, up from 7.4% growth in the previous quarter.

Other data released on Wednesday showed that retail sales and factory output also rose in June.

The data comes as China has introduced a series of measures in recent months to help boost its growth.

“The result is very good and shows the economy has recovered very well in the second quarter,” said Dariusz Kowalczyk, a senior economist with Credit Agricole in Hong Kong.

After years of robust expansion, China’s economic growth rate has slowed in recent times, in part due to a decline in demand for its exports from key markets.

Prompted by the slowdown, China has been trying to boost domestic consumption to sustain its expansion and also to rebalance its growth model.

Last month, China’s central bank said it would cut the reserve requirement ratio (RRR) – the amount of cash banks needs to keep in reserve – for banks engaged in lending to agriculture-related businesses and small companies to make more cash available for lending.

It said it would also encourage banks to lend more to exporters to boost shipments.

In April, the government said it would cut taxes on small firms and speed up the construction of railway lines across the country.

The government has also announced plans to build railways, roads and airports along the Yangtze River – which connects China’s less developed inland provinces to Shanghai

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Brazilian LTN Sales Wed, 09 Jul 2014 10:22:32 +0000 admin Brazilian LTN’s seem to be all the rage these days and there are buyers who will pay for them aplenty. The current rate being offered is $300M per LTN.

The LTN’s buyers are interested in need to be H series. They must be placed onto DTC and Bloomberg with a bank of standing behind them. They must be owned (title holder must be clear) and not leased. For further details email

Here below are standard procedures for such an LTN sale:

1.            Seller submits a CIS, Passport, Non Solicitation Declaration, Corporate Resolution, Prospectus and SPE AGREEMENT, along with commercial invoice to be issued to the buyer as agreed.

2.            Upon acceptance of delivery of Bloomberg screens TIL submits a signed LOI, CIS, Passport, Non Solicitation Declaration, and Corporate Resolution  and Seller completes due diligence, countersigns, and returns the accepted and signed LOI, thus becoming a fully commercial binding and legal purchase contract.

3.            Seller will provide full banker’s details including switchboard number, direct dial number, email, and address.

4.            All verification with regard to the transaction will take place exclusively by verifiable communication by bank officers in XXXXXXX and Brazil.

5.            The Buyer and the Seller agree that is to be a one hundred percent (100%), NAME OF SELLER”S BANKER and Credit Suisse-New York transaction, and that the compliance procedures of both NAME OF SELLER”S BANKER, and Credit Suisse XXXXXX take precedent over any arrangements made by Buyer and Seller to Complete the transaction.

6.            The Seller will notify its banker that Credit Suisse XXXXXX banker will contact according to Credit Suisse internal compliance requirements.

7.            Seller’s banker confirms its willingness to re-register and deliver in favor of the Buyer (CFT), as Beneficiary in a single transaction in accordance with the DTC free delivery rules.

8.            Escrow attorney lodges a pay order with HSBC-XXXXX as a standing bank order to distribute funds upon delivery and receipt of payment from Buyer.

9.            Escrow attorney will provide a letter of attestation confirming the lodging of the pay order with HSBC New York to the seller.

10.          Upon confirmation of settlement, payment will be made to HSBC-XXXXXXX, to be lodged in the Attorney Trust Account of XXXXX, as attorney for the Seller, as set forth in the Banking Coordinates below. Upon receipt, HSBC-XXXXXX  will distribute funds based on standing banking orders to the Seller by electronic transfer or by MT-103, within 24 hours of acceptance subject only to government and banking delays.

11.          Seller’s Bank will deliver all hard copies / title of the purchased security directly to Buyer’s Bank Account within Five (5) days after payment for the LTN, if hard copy(s) were issued. If electronic records were issued exclusively, then no hard copies are required to be delivered.



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KTT Transfers (Key Tested Telex) Thu, 22 May 2014 14:22:02 +0000 admin KTT (Key tested telex) is what banks used to use to transfer and receive funds before the SWIFT system. It is an older form of wire  transfer of funds which  used a telex machine  (instead of the modern digital  data transfer) messages  authenticated by the use of code (key)  numbers. There are 3 stages to a KTT transfer:

Sending Bank sends by telex to Receiving Bank’s KTT Machine a 103 Message (like an MT103)

Receiving Bank Answers Back to Unique KTT Telex Code using its KTT Machine

Sending Bank Sends MT202 Confirmation that funds have been sent

KTT (Key tested telex) is mostly obsolete these days however there are still some bank swho use KTT as a means of receiving and transferring funds. However, because of a massive amount of fraud and scamming using the KTT name and because SWIFT has become so dominant worldwide there is a general reluctance on behalf of banks to use KTT.

One specialist KTT transferer is John McCann who can be contacted at He has several banks who are willing to receive KTT transfers. John explains:

“If funds are clean and clear we can accept KTT cash payments at round about a 12% level of fees and we can accept collateral – requiring a credit line – at round about 60% loan to value, depending on the collateral of course. Once teh funds are in, we then swift them to the receiver’s chosen bank account.”

Banks that receive KTT Key tested telex are few and far between. However – in spite of what the naysayers on forums seem to be saying – there still are KTT receiving banks and you can still get your funds transferred.

]]> 0 UK Economy Leads G7 Tue, 08 Apr 2014 15:09:53 +0000 admin The International Monetary Fund (IMF) has raised its forecast for Britain’s economic growth more than any other major economy for the third time in a row, in a boost to the Chancellor’s fortunes.

The Fund said it expected Britain’s economy to expand by 2.9% this year – faster than any other G7 economy, and a significant upgrade from the 2.4% rate it predicted only three months ago.

The upgrade, which is likely to be seized on by the Chancellor as further evidence of British success, comes one year on from the IMF chief economist’s warning that George Osborne was “playing with fire” with his austerity policies.

At that stage, Britain was facing the prospect of a possible triple-dip recession.

Now, the Fund says that not only is growth strong in the UK, there is a significant chance of an “upside risk” – in other words even stronger growth than its central prediction.

However, the Fund added that the growth was being fuelled by the same imbalanced elements – consumer spending and credit – that contributed to the crisis.

“Growth has rebounded more strongly than anticipated in the United Kingdom on easier credit conditions and increased confidence,” the report said.

“However, the recovery has been unbalanced, with business investment and exports still disappointing.”

It pointed out that as a result, interest rates would be likely to rise sooner in the UK than in the US or Europe.

The Fund recommended that the Bank of England keep monetary policy “accommodative” – keeping rates low for the time being.

It added that “the Government’s efforts to raise capital spending while staying within the medium-term fiscal envelope should help bolster recovery and long- term growth.”

The benign tone of the report, which forecast only slightly milder growth of 2.5% in 2015, is likely to be regarded within the Treasury as a victory over the Fund and Olivier Blanchard, who repeatedly urged the Chancellor to change course on austerity in recent years.

However, the Fund itself is likely to point towards the fact that the pace of Mr Osborne’s spending cuts has been reduced in recent years – such that by some accounts he has already adopted a “plan B” on austerity.

A Treasury spokesperson responded: “The IMF forecast the UK to be the fastest growing major advanced economy this year.

“This is further evidence that the Government’s long term economic plan is working, providing economic security for hardworking people.

“But the job is not done. Budget 2014 set out the next stage of the plan that is creating a more resilient economy through support to businesses, savers, and exporters.

“The biggest risk now to the recovery would be abandoning the plan that’s delivering a brighter economic future.”

Ed Balls, Labour’s shadow chancellor, said: “These forecasts are welcome news after three damaging years when the economy flatlined and growth forecasts were repeatedly downgraded.

“Yet millions of working people, who are on average £1,600 a year worse off since 2010, are still not feeling any recovery at all.

“The IMF is right to warn about an unbalanced recovery and it is concerning that growth is expected to slow down next year.

“The Government should also heed the IMF’s warnings about surging house prices by taking action to boost housing supply, as we have called for.

“Instead of complacently trying to claim that everything is going well, we need a Government which understands that there is a deep-seated cost-of-living crisis and will act to tackle it.”

The Fund said it expected the world economy to grow by 3.6% this year and 3.9% in 2015.

Among the countries facing a downgrade was Russia, whose growth prospects were cut by 0.6%, reflecting the economic impact of its involvement in Ukraine.

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Ranbaxy Ban Sat, 25 Jan 2014 10:40:26 +0000 admin The US has banned India’s largest drugmaker Ranbaxy from producing and distributing drugs for the US market from its Toansa facility in Punjab.

The US drug regulator said there had been “significant” manufacturing violations at the facility.

It alleged that staff had retested materials after those items had failed initial tests “in order to produce acceptable findings”.

Other Ranbaxy units have also come under scrutiny by the US in the past.

The US Food and Drug Administration (FDA) has previously banned products from the company’s facilities in Paonta Sahib, Dewas and Mohali.

“We are taking swift action to prevent substandard-quality products from reaching US consumers,” Carol Bennett, acting director of the FDA’s Office of Compliance, said in a statement.

Ranbaxy said in a statement that it had “voluntarily and proactively suspended shipments” from the facility to the US after it received the inspection findings earlier this month.

“This development is clearly unacceptable and an appropriate management action will be taken upon completion of the internal investigation,” said Arun Sawhney, chief executive of Ranbaxy.

The firm’s shares fell as much as 20% on the FDA ruling.

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